Recently the Supreme Court , in the case of Glaxo Smithkline Asia (P) Ltd. has observed that amendment would be required to the provisions of the Indian Income-tax Act, 1961 (the Act) in case the Indian Transfer Pricing regulations are sought to be applied to domestic transactions between related parties under Section 40A(2) and Section 80I(A) of the Act. Towards this end, the Supreme Court has suggested that the Ministry of Finance may consider this issue expeditiously and in the interim, the Central Board of Direct Taxes may consider issuing appropriate instructions in this regard.
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